Surat, Aug. 27 -- As the 50 per cent US tariffs on the Indian imports came into effect on Wednesday, the stakeholders of the diamond industry in Surat believe that the market will be affected due to US' decision only for a short period of time as India controls 90% of diamond production.

Jagdish Khunt, who is the President of Surat Diamond Association, said that the tariffs will affect the Surat diamond industry for a short period of time. He said that no other country can replace India as 90 per cent of the world's diamond production is done in the country.

"There is no doubt that 50% US tariff will affect Surat diamond industry, but the effect will be short-term, not long-term. No other country can replace India, as we account for 90%...